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Telik's Poor Drug-Trial Results
Prompt Wide Range of Trading

By

Christopher Scinta

Updated Dec. 27, 2006 12:01 a.m. ET

Biopharmaceutical companies are known for their home-run potential, but that can mean big strikeouts as well.

Telik Inc., Palo Alto, Calif., had investors trading busily yesterday after reporting what the company called "extremely disappointing" results from late-stage trials of cancer drug candidate Telcyta, known clinically as canfosfamide.

The company's stock closed at $4.77, down $11.49 or 71%, on volume of more...